Has the Gulf Coast become a Ponzi haven?

The list of failed Southwest Florida investments keeps getting longer.
Arthur G. Nadel faces 15 federal counts in an alleged scheme that cost investors nearly $400 million. Beau Diamond has been hit with wire fraud and money laundering charges, accused of preying on Sarasota's New Age community. John and Marian Morgan have traded their bayfront mansion for Sri Lankan jail cells while awaiting indictment over an alleged get-rich-quick prime bank scheme.

None of the four have been convicted of anything, but losses associated with what federal investigators say are Ponzi schemes in Southwest Florida have already claimed about double what Sarasota County will spend next year on its 1,000-person sheriff's office, fire and ambulance service, libraries, parks, beaches and other day-to-day services. (more)